The stock price of the antivirus software company founded by Ahn Cheol-soo in 1995 has surged since he was first touted as a potential presidential candidate in early September, leading to fortunes for early investors and shareholder-employees.

But analysts have warned of continuing fluctuation in AhnLab’s share price, which they say has far exceeded its proper value.

Shares in the company, which was listed in 2001, averaged slightly higher than 20,000 won in the first eight months of the year before starting to climb in the wake of Ahn’s hint at a bid for Seoul mayor on Sept. 2. Their price rose for three consecutive trading days to 47,900 won on Sept. 6, when he said he would not run for mayor but would instead support nonpartisan civic activist Park Won-soon.

Since then, they have shown a pattern of moving up sharply when Ahn comes into public view with a high-profile gesture and then turning downward. The stock price peaked at 100,000 won on Oct. 24 as he visited Park’s campaign headquarters to deliver a written statement reaffirming his support. It subsequently declined for days to 56,200 won.

Ahn’s Nov. 14 announcement to donate half of his 37.1 percent stake in AhnLab to society pushed up the price to 97,700 won before sliding back again. The company’s shares closed at 84,000 won Tuesday.

In parallel with the price movement, the value of Ahn’s donation, which was worth 150 billion won ($130 million) on the day it was announced, was up to 180 billion won and then down to 139 billion won.

“Changes in AhnLab share price can no longer be explained by corporate fundamentals,” said Kang Lok-hee, senior analyst at Daishin Securities, putting its long-term proper value at between 45,000 and 50,000 won.

“The stock price is expected to continue fluctuating along Ahn’s course of action until his final destination is reached through next year’s parliamentary and presidential elections,” he said.

Ahn, who quit his job as a medical doctor to set up the software company, retired as its chief executive in 2005 and went to the U.S. to study at the Wharton School of the University of Pennsylvania. He has held the post of chairman of the company’s board of directors since.

By Kim Kyung-ho (khkim@heraldcorp.com)